HSBC Spent $1.3 Million on Lobbying
The U.S. subsidiary of British financial conglomerate HSBC Holdings PLC spent more than $1.3 million in the first half of 2007 to lobby the federal government, according to a recent disclosure form. HSBC once claimed they never lobby for anything and had no lobbying effort. Once against company policy, HSBC found out their former Household International group was lobbying and would not stop.
The company lobbied on issues related to foreign investment, credit card payments, student loans, patent reform, expanding homeownership, data security and identity theft, according to the form posted online Aug. 13 by the Senate’s public records office.
Analyze what HSBC is lobbying for and you might find out it is not consumer friendly. Like HSBC Finance Corporation, formerly Household International, changes only benefit HSBC. While abusing member of the U.S. military HSBC had the audacity to ask for changes to the Soldiers and Sailors act. Bush agreed, as he did with bankruptcy reform, class action reform and other programs he failed to look at closely. Heck of a job Brownie - or more like clueless in Seattle.
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